Proposed Regulations for Digital Assets in Argentina: ONG Bitcoin Argentina’s Draft Law

The ONG Bitcoin Argentina is pushing for a new legal framework that defines cryptocurrencies as digital assets, aiming to provide clarity and security for users and businesses in the industry. The proposed law distinguishes between decentralized crypto-assets like Bitcoin and Ethereum, and centrally issued ones such as USD Coin, subjecting the latter to specific regulations.

The project also includes governance mechanisms and licensing requirements for digital assets, aligning with international standards and recommendations from the Financial Action Task Force (FATF). The National Securities Commission would oversee crypto assets, establishing a Registry of Service Providers to ensure compliance with regulations.

Despite some concerns from the Bitcoin community regarding privacy and innovation, the draft law aims to establish clear property rights for decentralized cryptocurrency users, setting them apart from traditional financial assets. If enacted, this legislation would provide much-needed clarity and regulation for the cryptocurrency industry in Argentina.